The Fifth and Final Step in Determining Process Costs Is

question 30

Multiple Choice

The fifth and final step in determining process costs is:

• A)Analyzing physical flow of production units.
• B)Calculating equivalent units of production.
• C)Determining total cost for each manufacturing element.
• D)Computing the cost per equivalent unit.
• E)Assigning cost to completed and uncompleted production.

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Definitions:

General Ledger

A complete record of all financial transactions over the life of a company, used to compile financial statements.

Accounting Cycle

The complete process of collecting, recording, and processing financial transactions of a company, from when the transactions occur, to their representation in the financial statements.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made, used to prepare financial statements.

Temporary Accounts

Accounts used to record transactions during an accounting period, which are then transferred to permanent accounts at the end of the period.